Dividend: as of 2015, assumption of a 50% dividend pay-out with 50% payment in cash

Crédit Agricole 2016: Four strategic pillars:

Innovate and transform the Group's retail banking business to better serve its customers and strengthen its leadership in France

Undertake a transformation tailored to each branch network to meet new customer expectations, in line with the specific features of its banks and customer groups.

Step up revenue synergies across the Group

Broaden synergies, mainly through bancassurance but also between Specialised financial services and the Group's retail banks; strengthen positions in areas of excellence.

Achieve focused growth in Europe

Step up organic growth in Italy, the Group's second domestic market, accelerate growth in Savings management and Insurance as well as asset management and pursue a focused strategy for other businesses.

Invest in human resources, strengthen Group efficiency and mitigate risks

Dividend: as of 2015, assumption of a 50% dividend pay-out with 50% payment in cash

Crédit Agricole 2016: Four strategic pillars:

Innovate and transform the Group's retail banking business to better serve its customers and strengthen its leadership in France

Undertake a transformation tailored to each branch network to meet new customer expectations, in line with the specific features of its banks and customer groups.

Step up revenue synergies across the Group

Broaden synergies, mainly through bancassurance but also between Specialised financial services and the Group's retail banks; strengthen positions in areas of excellence.

Achieve focused growth in Europe

Step up organic growth in Italy, the Group's second domestic market, accelerate growth in Savings management and Insurance as well as asset management and pursue a focused strategy for other businesses.

Invest in human resources, strengthen Group efficiency and mitigate risks

Crédit Agricole Group is today presenting its medium-term plan, Crédit Agricole 2016, in London at an Investor Day. This plan is the result of teamwork, which began 18 months ago, between all the parts of Crédit Agricole Group: the Regional Banks, Crédit Agricole S.A. and its subsidiaries in France and abroad and FNCA (1)

Crédit Agricole 2016 is in line with the Group project announced on 15 December 2010, the medium and long-term aim of which is to become the European leader in Universal Customer-focused Banking.

Universal Customer-focused Banking is an integrated model to originate and provide a comprehensive range of financial services to all the Group's customers, both in retail banking (Regional Banks, LCL, Cariparma, etc.) and

1. Credit Agricole today: a European leader ready to deliver a sustainable performance

Crédit Agricole is:

The leading retail bank in Europe, thanks to revenues in retail banking of €21 billion in 2013. 94% of Group revenues come from Europe.

No. 1 bank in France, leader in all market segments with an aggregate penetration rate for the Regional Banks and LCL of 36% for retail customers, 45% for SMEs, 42% for small businesses and, over 85% for farmers.

Retail banking in France provides Crédit Agricole with high and recurring earnings based on the Group's strong cooperative model. The Regional Banks and LCL contributed €4.3 billion to Crédit Agricole Group's net income Group share in 2013.

This model gives Crédit Agricole a unique capability to sell Group products and services to its customers. It fosters synergies and keeps the value created within the Group. In 2013, intragroup synergies generated €7.2 billion of revenues, representing approximately 21% of the Group's business line revenues.

The Group has leading positions in its specialised business lines in France and Europe:

No. 1 European asset manager (€777 billion of assets under management at end-2013).

No. 1 bancassurer in France and Europe (€26 billion of premium income in 2013) and no. 2 in life insurance in France.

2. Crédit Agricole 2016 Grow and deliver strong, recurring earnings

Cooperative membership is a core pillar of the group's mutual approach. The target is to increase the number of mutual shareholders from 7.4 million to 10 million in 2016.

Regional Banks' commitment to their local regions. The Regional Banks are leading providers of finance to the players in the local economy by reinvesting all their customer bank savings in the local region, supporting business start-ups and young farmers’ new business ventures.

Ethics, a core pillar of the customer relationship in all Group entities, by providing impartial advice to customers: the relationship managers have no incentive to recommend one product over another. Ethics also means regular dialogue with customers to ensure that products and services are tailored to their needs. The aim is to be the leader in customer recommendation.

Support the Group's employees in keeping with Crédit Agricole's values: significant investment to promote the skills of its employees and ensure an interesting career path.

The cooperative model is a sustainable value-creating model based on building close, lasting relationships with customers to ensure their satisfaction and loyalty.

2. The European economy will pick up very gradually

Crédit Agricole has assumed a conservative economic scenario. First of all, growth will only recover slowly in Europe:

+0.8% GDP growth in France in 2014, +1.1% in 2015 and +1.2% in 2016

+0.7% GDP growth in Italy in 2014, +0.9% in 2015 and +0.8% in 2016

+1% GDP growth in the Eurozone in 2014, + 1.2% in 2015 and +1% in 2016.

Interest rates will rise very gradually: 10-year OAT yields were 2.4% at end-2013 and are expected to reach 3% at end-2014 and more than 3.3% by 2015-2016. This poor economic climate makes winning new customers and developing synergies even more important for Crédit Agricole Group.

3. French market remains attractive for the banking industry

French banking market fundamentals remain robust: high household wealth (GDP per capita is the second highest of the key European countries and France is the fifth largest savings market in the OECD) and the lending activity is dynamic, with and relatively low risk (doubtful home loans ratio <1.5%).

4. Regulatory framework tightening significantly

Several factors have tightened up the regulatory environment in which Crédit Agricole operates over the past few years:

Transform the distribution models: reorganise and modernise the branch network, become the leading digital bank in Italy.

Gain market share in lending and deposits and increase cross-selling of Group products.

Continue efforts to industrialise processes.

Implement a €180 million investment programme over the plan period.

Target for Cariparma's revenues 2013-2016: CAGR +5%.

Develop priority markets through Group synergies

Develop business in the intermediate-sized enterprises segment through synergies between Cariparma and CACIB.

Become a leading bank in farming and agri-food business in Italy.

Strengthen the wealth management and private banking offer through synergies between Cariparma and CA Private Banking.

Develop the insurance business and particularly death & disability.

Revenue synergies in Italy by 2016: about €500 million.

Continue to control risks

Cariparma: decrease in cost of risk of c. 60 bp (normalisation of economic conditions,result of lending policies implemented since the crisis).

Agos: continued reduction in cost of risk.

FGAC: maintain a low cost of risk (c. 80 bp).

Decrease in cost of risk: c. 40% for Agos and Cariparma.

Accelerate growth in Europe in savings management and insurance:

Amundi: reach €1,000 billion of assets under management in 2016

Accelerate organic growth in Europe:

Strengthen commercial resources in Germany and the United Kingdom and open offices in the Netherlands and Sweden, develop product offers (debt funds, European employee savings).

Play a key role in sector consolidation in Europe: acquisition of mid-sized players in order to open the platform to one or more new distribution networks; targeted acquisitions to speed up the development of high priority businesses or geographical areas.

CACEIS: leader in asset servicing in Europe

Strengthen CACEIS' European presence dedicated to global players: set up depositary banks in Belgium, Italy, Switzerland, the Netherlands and the United Kingdom, develop fund administration in Germany.

Target: increase by €300 billion assets under custody in the five new depositary banks.

CA Titres: expand internationally, mainly in Belgium and Luxembourg

Crédit Agricole Assurances: grow in Europe to support the Group's banking entities and develop external partnerships

Develop the bancassurance model with the Group's retail banks in Italy and Poland, particularly in death & disability and life insurance.

In Europe, focus on key markets and partnerships, as well as strategic entities; benefit from new agreements negotiated for FGAC and Agos and strengthen synergies with Group entities; refocus European business on self-funded, highly profitable entities.

Continue recruiting considering national attrition: Crédit Agricole Group is one of the largest recruiters in France

Concrete actions to foster day-to-day employee commitment:

Regular measurements of Group employees’ commitment allowing them to express themselves, followed by action plans.

Proactive management of talent and key skills.

Will to involve concerned parties in forward management of jobs and employees.

Proactive approach to promote diversity.

Crédit Agricole Group is investing in IT convergence and cost-cuttings:

Accelerate the Group's IT convergence

NICE, the largest IT project in the European banking industry serving 21 million customers. All the Regional Banks switched by end-2013 to the common NICE system.

New initiatives in 2014-2016:

Development of new multi-channel and specialised markets functionalities on the NICE platform.

Broader applications convergence between LCL and the NICE platform.

Launch of a Group IT production-sharing programme: first step of the project withCrédit Agricole S.A., second step with the Regional Banks.

Extension of the Group's payments platform to Cariparma and CA Bank Polska.

Continue our cost-cutting programmes

MUST, a programme of major structural significance:

End 2013: €351 million of savings achieved for Crédit Agricole S.A. out of a target of €650 million by 2016.

New initiatives in 2014-2016:

The whole of Crédit Agricole Group to benefit from MUST programme (external expenses and real estate).

Project of partial replacement of the c. 5,000 estimated natural departures at Crédit Agricole S.A. Group over the plan period.

Outsourcing and offshoring in CACIB IT and back offices; cost reduction in discontinuing activities.

A voluntary cost savings plan at CACF.

A cost optimisation plan for CA Private Banking.

Crédit Agricole Group continues its costs reduction effort:

€950 million of cost savings planned by 2016 including €410 million in new initiatives.

Cost/income ratio down by more than 2 points1for Crédit Agricole Group and more than 3 points for Crédit Agricole S.A. in 2016 compared with 2013.

A responsible risk policy:

A low impaired loan ratio (2.5% in 2013 for the Regional Banks and 3.9% for Crédit Agricole S.A.) due to a cautious lending policy and exposure to relatively non-volatile markets (51% of Crédit Agricole S.A.'s loans outstanding are in France).

A very high coverage ratio, which the Group intends to maintain (at end-2013, 107% for the Regional Banks and 72% for Crédit Agricole S.A. including collective reserves)

Low exposure of the banking Group to Southern European sovereigns (€5,230 million net at 31/12/2013).

A low VaR, in line with the Group's will to contain its exposure to market risk.

Control all types of risk: ethics in our operations, incorporation of CSR criteria in both our products & services as well as in sector policies.

Aim for excellence in relationships with customers, employees and in the way we operate: excellence in customer relationship, a responsible employer, a mitigated direct environmental footprint, CSR criteria integrated in the purchasing processes.

Support local regions in their sustainable development challenges: support customers in their sustainable development actions, provide answers to long-term economic and social issues in our four areas of excellence.

The medium-term plan income estimations are made in a still fragile economic context but reflecting a progressive normalisation of the situation in the eurozone. They are based on the proven resilience of the retail banking and savings management and insurance businesses and a rebound of business lines that have been adjusted to the new environment resulting from the 2011 crisis.

Three areas for improvement underpin the medium-term plan:

Financial efficiency with moderate overall revenue targets for Crédit Agricole S.A. but targeted growth according to each business.

Operational efficiency with a cost savings plan to support a cost/income target of below 60% for Crédit Agricole Group and below 64% for Crédit Agricole S.A.

Continued decrease in the cost of risk, driven by good asset quality and normalisation of the situation in Italy.

The capital management policy is forward-looking, with a continued strengthening of the Regional Banks' capital, Crédit Agricole S.A.'s target fully loaded CET1 ratio exceeding 9.5% as soon as 2015 and reaching 10.5% at end-2016 i.e. a leeway of about 100 bp (or more than €3 billion).

2016 financial targets: a sound, efficient bank

2016 financial targets: indicators by business

Over the plan period, the businesses are expected to generate revenue growth of about 3% a year, balanced between the main core businesses. Two thirds of Crédit Agricole S.A.'s revenue growth will come from retail banking and savings management and insurance. A rebound is expected in International retail banking, Specialised financial services and Corporate and investment banking, activities that were affected by the crisis and the adjustment plan initiated in 2011.

Business line expenses are expected to rise by 0.6% a year, with the cost savings plans already underway offsetting inflation, taxes and the bulk of modernisation expenditure. Crédit Agricole S.A. is expected to make cost savings of €520 million, including €300 million under the MUST programme and €220 million of additional effort.

The cost/income ratio for each business, which is already good, will therefore continue to improve. Crédit Agricole S.A.'s ratio will improve by more than 3 percentage points over the plan period to reach less than 64% in 2016.

The Regional Banks are projecting about €430 million of cost savings over the plan period, including €240 million under the NICE programme. Crédit Agricole Group's overall cost/income ratio, which is already among the best in the industry, should fall below 60% by 2016.

Crédit Agricole S.A.'s profitability, as measured by the income divided by the average tangible accounting equity (ROTE) stood at 9.3% in 2013, with a target of 12% for 2016. Over the plan period, risk weighted assets of the business lines will remain stable as the 5-percentage point reduction at CIB will be offset by an increase at retail banking and savings management and insurance. Business line RoTE, calculated on a capital allocation of 9% of risk-weighted assets and including the main regulatory deductions from the CET1 numerator, comes to 12% for CIB, over 10% for SFS, about 20% for LCL and IRB and about 35% for asset management and savings.

As regards solvency, the Group considers that a level of 9.5% for the fully loaded Common Equity Tier 1 (CET1) ratio is appropriate for Crédit Agricole S.A., as it is not considered as systemic and its businesses have been restructured. At the end of the medium-term plan, Crédit Agricole S.A. is projecting a fully loaded CET1 ratio of more than 10.5%, generating leeway of 100 bp, i.e. more than €3 billion.

The table below shows the planning for the fully loaded Basel 3 CET1 ratio. At the period end, the ratio for Crédit Agricole Group is 14.0%. For Crédit Agricole S.A., these ratios take account of capital and reserves weighting for Crédit Agricole Assurances (at 370%), i.e. €35 billion of risk weighted assets (€37 billion for Crédit Agricole Group), Switch guarantees between the Regional Banks and Crédit Agricole S.A. (for €87 billion of risk-weighted assets) neutral at Crédit Agricole Group level, and the dividend policy described below.

Warning

.: The ratios shown above are based on a number of underlying assumptions. Achievement of thesetargets will depend on a number of factors including the future net income of Crédit Agricole S.A. and Crédit Agricole Group, which is by nature uncertain.

These targets will be achieved mainly through organic capital generation and by asset disposals and balance sheet transactions already identified and partly underway.

The dividend policy is to distribute 35% of 2014 earnings with a scrip dividend option. SAS Rue la Boétie, the majority shareholder, has already announced to elect for payment of a scrip dividend in respect of 2014. For 2015 and 2016, as the 9.5% CET1 threshold will have been exceeded, the solvency ratio planning is calculated on the assumption of a 50% dividend pay-out with 50% payment in cash (subject to approval by the Shareholders' Meeting).

At the end of the plan, the Basel 3 overall solvency ratio (phased) is projected to be 15.5% for Crédit Agricole S.A., including 13.0% Tier 1 phased, and 16.5% for Crédit Agricole Group, including 15.0% Tier 1 phased, based on Crédit Agricole S.A.'s understanding of the CRR/CRD4 rules applicable to French banks supervised by the ACPR.

As regards the leverage ratio, an additional measurement in the analysis of a bank's financial strength, it is relevant at Crédit Agricole Group level given Crédit Agricole’s internal operations (accounted for in Crédit Agricole S.A.’s balance sheet). Crédit Agricole Group's leverage ratio at 31 December 2013 is 3.8% based on the CRR definition (CRD4) and 4.4% based on the Basel Committee definition 1. It already exceeds the regulatory minimum, which is 3% at 1 January 2018. Crédit Agricole S.A. will meet the 3% regulatory requirement before then.

In terms of liquidity, Crédit Agricole S.A. already meets and will, at the plan end, meet the LCR regulatory requirements for January 2018 (100%). Crédit Agricole Group will be above 100% at end-2014.

For the NSFR, Crédit Agricole Group should meet the regulatory requirement of 100% in 2016, based on its understanding of the regulations, which are not yet final.

The MREL ratio (minimum requirement for eligible liabilities), which measures the sum of equity, hybrid debt and long-term senior unsecured debt with a residual maturity of more than one year as a percentage of the total regulatory balance sheet, is estimated at 12% at end-December 2013. In particular, the calculation shows that senior unsecured debt is covered by €82 billion of capital and hybrid debt.

4. Ambitions per business line in 2016

RETAIL BANKING IN FRANCE

Crédit Agricole Regional Banks: multi-channel retail bank close to its customers Leading retail bank in France and no. 1 bancassurer in France, Crédit Agricole operates in all regions of the country thanks to its unrivalled geographical coverage and its regional banks that contribute to the life and economic development of their local regions. It aims to cover all customer segments.

Strategic focuses

Implement a multi-channel retail bank model close to its customers:

A more practical bank: fully multi-channel and fully digital.

A closer, more expert bank offering a customer relationship based on human contact and geographical proximity: maintain a strong nationwide presence and dedicate a multi-channel relationship manager to each customer in order to ensure a better quality of relationship.

A more participatory bank whose cooperative values sustainably strengthen the banking relationship and loyalty to the Bank. In particular, Crédit Agricole makes an ongoing commitment to deliver greater customer satisfaction.

Win new customers and achieve our ambitions in our areas of excellence:

Farming & food processing: strengthen our leadership in the farming segment and, in food processing, extend our position as leading player in France to the rest of Europe, finance and support 90% of viable installations for young farmers.

Housing: maximise synergies between banking, insurance and real estate; be a pioneer in providing finance through digital channels.

Energy and environment: develop responsible savings with a target of €100 billion in SRI outstandings, support energy and environmental projects in all regions, extend the ecorenovation offer to the whole territory.

Health and ageing: aim for leadership in retirement savings, become a major player in group insurance, target 5% market share in health insurance.

Strengthen our leading position in operational excellence:

The Regional Banks have a three-year €1.8 billion investment plan designed to drive the cost/income ratio to below 54% in 2016.

€1.5 billion will be invested in development (transformation of the distribution model, branch refurbishment, etc.).

The remainder will be devoted to operational efficiency (optimise customer processes, complete pooling of electronic payments activities and optimise IT and back office management of on-balance sheet savings, optimise purchases and complete the dematerialisation process aiming for "completely paperless" by 2016).

Financial targets in 2016:

2016 revenues c. €15.5 billion

Leadership in customer recommendation

+1 pt in penetration rate in individual market

Market share gains in all customer segments

Cost/income ratio <54%

10 million cooperative members

RETAIL BANKING IN FRANCE

LCL: Be the leading relationship and digital bank in urban areas

Strategic focuses

A relationship model based on a tailored approach and service continuity (a model tailored to the lifestyle and consumer habits of an urban clientele with extended opening hours and a full distance offer; 10 customer relationship centres in addition to the branch network dedicated to dealing with all customer requests 6 days a week until 10pm; differentiated expertise and services depending on expectations of each type of customer).

A distribution model in tune with new customer behaviours, with an adapted, modern bricks and mortar network; an increase in the number of customer advisors both in the branches or through distance channels; all LCL products and services available for greater speed and simplicity (full online LCL on internet and mobile with improved security ).

Improve operational efficiency by simplifying and digitising end-to-end customer transactions; industrial back offices for simple transactions and specialised back offices for high value-added customer segments or complex transactions; partial replacement of natural staff attrition to reach a proportion of 78% of the workforce in contact with customers.

Strong business momentum to gain new individual customers, strengthen its position as no. 2 private bank in France and target a Top 5 ranking in the wealth management market, and become the leading bank for professionals, small businesses and corporates.

LCL has initiated a 5-year managerial, technological and organisational transformation plan to become the leading relationship and digital bank in urban areas. The plan is based on a new value proposition "the whole of LCL à la carte", which offers customers personalisation, service continuity and choice. The plan will make LCL a bank fully in tune with the requirements of an urban clientele seeking a high level of autonomy (use of digital), a quick response and access to experts.

A 3-year €300 million investment plan is implemented (and €400 million over 5 years), with three broad areas of investment to roll out the new model:

€160 million for new IT developments (digital banking tools and CRM).

€60 million to refurbish the branch network.

€80 million to support the transformation (change management, training).

Gain market share in selected customer segments through synergies with other Group businesses:

intermediate-sized enterprises, high net worth individuals.

Become the bank of choice for agribusiness in Italy.

Strengthen positions in Veneto and Liguria through regional action plans.

Cariparma's plan also includes adapting the distribution model to meet changing customer expectations (reorganise and modernise the branch network, develop multi-channel distribution, online banking and digital innovations) and continue to industrialise processes. The aim is to centralise some back office functions, automate the branches, industrialise credit and collection processes, and develop Group convergence and transfer know-how. To support these ambitions, Cariparma has launched on a c. €320 million investment plan from 2014 to 2016, with about €180 million in additional investment to support growth.

2016 financial targets:

Loans: +5% from 2013 to 2016

Deposits: +2% from 2013 to 2016

Revenues: +5% from 2013 to 2016

Cost/income ratio: c. 52% in 2016, vs 60% in 2013.

Cost of risk: 68 bp in 2016 vs 128 bp in 2013

+5% in customer numbers over the period.

INTERNATIONAL RETAIL BANKING

Outside Italy, focused development of the international retail banks

Strategic focuses

Recovery in organic revenue growth in Poland after several years of decline in consumer finance origination.

The ambition is to be the insurer of choice for Crédit Agricole Group customers and contribute to Crédit Agricole Group's growth and leadership in Europe.

Strategic focuses

Savings/retirement: maintain strong growth momentum in life insurance business by targeting development priorities (new products, high net worth customers).

Death & Disability/Health/Creditor: develop the Group's positions by enhancing its product offers and commercial approaches and by establishing it in the group insurance market.

Property & Casualty: increase the number of products owned by the branch network customers in the individual, farming and small business markets.

International: continue developing, mainly in Europe.

Crédit Agricole Group Assurances also aims to contribute actively to Crédit Agricole Group's efforts to become a leading player and solutions provider for the ageing population in France.

2016 financial targets:

Premium income: growth of +17% from 2013 to 2016

2016 cost/income ratio: <30%

SAVINGS MANAGEMENT AND INSURANCE

Amundi: €1,000 billion of assets under management in 2016

Strategic focuses

Amundi's development strategy is based on three pillars:

Step up business development: consolidate its leadership in France, accelerate international development in its priority customer targets (partner networks, third-party distributors, institutionals and corporates).

Play a key role in consolidation of the asset management sector and pursue a value-creating external growth policy: acquisition of mid-sized players to open up the platform to one or more new distribution networks, targeted acquisitions to accelerate the development of high priority businesses or geographic areas.

2016 targets:

Target of €1,000 billion in assets under management at end-2016, with about 1/3 coming from organic

growth, mostly on long-term asset classes and international clients, and 2/3 from external growth or

strategic partnerships.

Maintain a best-in-class cost/income ratio of less than 60%.

Steady growth in results that can be boosted by potential acquisitions.

SAVINGS MANAGEMENT AND INSURANCE

CACEIS: strengthen its position as leader in asset servicing in Europe

Strategic focuses

In an environment of low interest rates and strong competitive pressure, the strategic focuses for CACEIS out to 2016 are the following:

Keep on integrating the leasing and factoring businesses with the Group's retail banks.

Enhance international intragroup synergies, for the benefit of the Group's retail banks.

Develop servicing offers that do not consume liquidity.

Strengthen relationship excellence with customers and partners.

2016 financial targets:

50% increase in the share of leasing and factoring in the financing of retail bank corporate customers.

Synergies with international retail banks: revenues + €20m.

Cost/income ratio: -4 pts to 53%

Customer recommendation rate: 80%.

SPECIALISED SERVICES

Payments: Consolidate the Group's European leadership in payments

The ambition of the Group's Payments division – which encompasses Crédit Agricole Cards & Payments, CA Paiement and Fia-Net Group – is to consolidate the Group's European leadership in payments in an environment of regulatory, competitive and technological change.

CACIB has been significantly downsized in response to the crises that have hit the sector and, in a reinforcing regulatory climate, continues its transformation to become a distribute-to-originate debt house serving a clientele

of borrowers and investors, as well as the Group. CACIB is targeting a RoTE of 12% in 2016, higher than the cost of equity, through three key drivers:

Increase revenues with limited risk:

A regional strategy to meet the bank's origination and distribution challenges.